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The internet asks: why no coverage of the bond crisis?

The cost of borrowing balloons as the world fears Ireland could be the next country to fold. But why so little coverage?
Sep 7th 2010, 2:41 PM 770 1

USERS ON TWITTER and have questioned why RTÉ and other broadcasters including Newstalk have given so little coverage to the goings-on on international bond markets this morning, where the yield being demanded of Irish bonds has rocketed this morning.

The interest being demanded of the Irish government breached the important 6% ceiling earlier, shooting up as investors abandoned Irish investment while the future of Anglo Irish Bank remained up in the air.

Fears were not eased by a Wall Street Journal article which showed that the European banking stress tests underestimate the risk of government debt, while an article in the German edition of the Financial Times suggested that the bailout of Anglo alone would threaten the country’s solvency.

Also factored in was a Sunday Independent survey suggesting that 74% of people believed the country would default – leading some to think that moves to bail Ireland out, just as Greece already has been, are already in the works.

But while the world seemed confident that Ireland was about to collapse, the main media outlets were nowhere to be found – while a thread on discussing the matter caused the site’s servers to shut down, mistaking the sudden surge in traffic for a DDoS attack.

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Gavan Reilly


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